Question 28 1 points Save Answer Three men decided to form a partnership to look for buried treasure. Luke and Mark had expensive equipment, experience, and expertise, but the third partner, Cyrus, had a treasure map. Cyrus had his holidays start a few days earlier than the other two, so he went ahead to set up camp Low and behold, before the others arrived. Cyrus found the treasure. So when they did arrive, he immediately dissolved the partnership and claimed the entire treasure for himself Do Luke and Mark have any legal claim to the treasure? Yes, the treasure was found before the partnership was dissolved Yes, they have a fiduciary duty to take their share No, the partnership was dissolved before the treasure was made known. No, Luke and Mark's assets were not used to find the treasure What is the test to justify voluntary bankruptcy? O The debtor is more than 120 days behind in paying debts. It is absolutely impossible to pay debts which are due O It would be inconvenient for the debtor to pay debts The debtor would face financial hardship if he were to pay debts due 1 points Save Answe Edgar sells tax advice to businesses from a storefront operation in a local shopping mall. His sales efforts were not successful and, as a result, Edgar assigned himself into bankruptcy several months ago. He had the leased premises in the mall, two computers hooked up to a server, a printer, stationery, and books. The business was Edgar's only venture and it is unlikely that he could enter another line of business. As a result, he wants to know what he can keep out of the hands of creditors? O He may be able to keep office equipment, provided that it is found to be necessary "tools of the trade" and is worth no more than $2000 He can keep none of the office equipment, regardless of its value. He may be able to keep the office equipment if it is secured property belonging to a bank that has promised it will not take action against him. He can keep all of the office equipment, regardless of its value. What happens if a Notice of Intention to make a proposal is rejected? O the Trustee in Bankruptcy must seek a settlement with creditors. the court must hold a bankruptcy hearing the insolvent person is automatically declared bankrupt the insolvent person can present a new Notice of Intention on the basis of new information